US GAAP and IFRS Convergence. Accounting for Income Tax (Essay Sample)
Below is a list of some particularly significant accounting topics or subjects where differences still exist today between the US GAAP and IFRS:
goodwill and other intangible assets
accounting for income taxes including uncertainty in income taxes
impairment of long-lived assets to be held or used or to be disposed of by sale
research and development ‘development’ expenses.
Select one of the above accounting subjects, preferably a subject personally or professionally interesting to you, and answer the following questions related to that topic in your initial response. Copy and paste each question below in bold type in your initial response to ensure that you answer each question. The subject line of your initial posting should be the accounting subject you have decided to address (for example: Inventories):
1. Briefly explain the reason this subject was of interest to you.
2. Describe, in an appropriate level of detail, the major differences that exist today between US GAAP and IFRS for that subject.
3. Research if any progress has been made to date on converging the accounting and/or the financial reporting for that subject between the FASB and the IASB. If so, describe the progress, and if not, describe why progress has not yet been made, either from your research or in your opinion or both.
4. Provide the class with a specific and detailed computational-based example of how the differences in the accounting and financial statement treatment of this subject could potentially affect the comparability of both the balance sheet and the income statement prepared under US GAAP and IFRS.
5. State your opinion on whether you believe the FASB and the IASB eventually will reach convergence on this subject, and why or why not. Include an explanation of your opinion and what might be some other considerations preventing or delaying convergence on this subject.
Accounting for Income Tax
Accounting for Income Tax
Accounting for income tax is an area that is surrounded by complexities because it requires the use of judgment and estimates, and is also dependent on subjective information. As noted by Deloitte (2016), judgment relating to a particular tax position may change when new information is evaluated. In addition, different states have different tax laws, which increase the complexities surrounding accounting for income tax. These are the reasons that make accounting for income tax a subject of interest to me.
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